We offer numerous mortgage options such as Jumbo, FHA, VA, Conventional, USDA Rural Housing, Reverse Mortgages, and the 203k loan program. Some of our Jumbo loan programs are for elite borrowers. Elite borrower have a high fico score of 720 or higher and reserve requirements. We also have other programs such as VA loans. They do not require any down payment money nor any monthly mortage insurance premiums. Then, we offer FHA loans for borowers with a lower fico score of 580 in exchange for a down payment in the amount of 3.5% of the purchase. Conventional loans require a down payment in the amount of 3%. However, your monthly mortgage insurance premium is high. You are better off with a 5% down loan program.
Watch our little video. For specific details on our loan program, please call our office directly at 602-358-8717
Need a loan that’s in between a hard money loan and a regular conforming loan?
We now call these Nonqualified mortgages. Rates on these loan products are in between the regular Conventional loan rate and a hard money loan. The good news though is you won’t have to pay 4 points on the loan like a hard money loan. However, the lenders underwriting fee range from $1,000-$1200 so don’t expect to see the same underwriting fees as your regular conforming loan.
Nonqualified mortgages are good for borrowers who are self-employed or own a lot of rental properties. They are also good for borrowers who had a previous short sale, bankruptcy, or foreclosure and don’t want to wait the time frame requirement per each loan product. It takes roughly 35 days to close a loan on this loan product. If we have all of our loan documentation upfront we could probably close in 30 days. If we need any documenation then plan on one more additional day to close for everyday that you delay in getting us the required loan documentation.
Video 1: Mortgage Options